SJM Post 74% Drop In Half Yearly Revenues
The largest casino operator in Macau, SJM Holdings has reported a net loss of $181.9 million for the first half of 2020 on revenues of HK$4.37bn, that represents a drop of 74.4% compared to the same period in 2019.
Along with the results SJM said that it did not expect results to improve anytime in 2020 and also said it is not possible to predict when an upswing in results would occur given the COVID-19 pandemic.
SJM operates 20 casinos in the Macau Peninsula and Taipa and has been the largest operator in the region for a long time since Stanley Ho founded the company and won the sole monopoly on casinos in Macau until a relaxation on foreign casino operators.
Dr. Ambrose So, Vice-Chairman and Chief Executive Officer of SJM Holdings Limited, commented, “SJM’s first half results reflect the severe contraction in travel and tourism caused by the COVID-19 pandemic. In this environment, we strive to control our running costs at a prudent level. At the same time we are working closely with the Macau Government to complete the procedures to open our Grand Lisboa Palace resort on Cotai. We are confident that when the region emerges from the pandemic, SJM will be at the forefront of Macau’s resumed development into a world centre of tourism and leisure.”
